Ali Martinez, a respected crypto analyst, offers a complementary perspective. He focuses on various technical indicators that signal a potential rise in Dogecoin’s value. Martinez highlights metrics such as trading volume and the balance of buying and selling pressure. High trading volume with a dominance of buying over selling suggests a growing interest in Dogecoin, often a precursor to a price increase.
Earlier today, he said:
“There’s a notable surge in DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs. This uptick suggests increased interest in DOGE from institutional players and whales, potentially gearing up for a significant price spike.“
Kaleo, another well-known figure in the crypto analysis world, also has a positive outlook on Dogecoin. On November 9, he shared his insights and strategy for Dogecoin, projecting notable movements in its price in the near future. He anticipates that within the next week or two, Dogecoin will start to show an upward trend in its value. Based on past trends, he notes that Dogecoin typically experiences rapid price increases once it begins to move.
Kaleo predicts a swift rise in Dogecoin’s price to the range of 9 to 10 cents, followed by a period of stabilization. He then foresees another quick increase to around 15 cents. While he expresses hope for a substantial rise, he realistically caps the potential peak at around 20 cents during this rally.
His analysis includes a specific focus on Dogecoin’s price in relation to Bitcoin, using a high time frame (HTF) approach. He is looking for a point where Dogecoin, measured in satoshis (the smallest unit of Bitcoin), reaches around 550 satoshis. This level, he believes, is where Dogecoin might encounter resistance—a point where the price historically stops rising and may start to fall.
Kaleo also touches on the longer-term prospects of Dogecoin, suggesting that a more significant rally might not occur until later in 2024. However, he believes there’s still potential for notable price movements before then. He draws parallels between Dogecoin’s current price and its behavior in the spring of 2021, noting similarities in its price action before a major increase.
At the time of writing, $DOGE is trading at around $0.0763, down 0.23% in the past 24-hour period.
Featured Image via Unsplash
